If you are currently in the market for life insurance but do not want the hassle of having to go for a medical exam to be checked out, then use Simply Insurance instead. With their service you can get coverage for up to the cost of $1 million, approval within the space of just 5 minutes, apply online without the need to undergo a medical, and are entitled to a 30 day money back promise.Â
So how does life insurance with no medical exam actually work? In order to get it you must first apply online, answering questions about your personal life and previous health conditions if that is applicable. Because there is no medical examination process involved, the approval time is really fast with most companies taking somewhere between just 5 minutes and 20 minutes in order to come to a final decision.
Reports Run
However, just because you do not physically have to be checked over, it does not mean that there is no underwriting involved in the process of awarding your insurance. In fact, you still have to go through a real time MIB check in order to establish what your history is with other similar health insurance companies, including if you have applied for coverage with any of them recently. MVR checks are also required that will show up whether you are a crazy / reckless driver or not, and if you have any DWI or DUI cases filed against your name. Finally, a prescription check will be performed to ensure that what you have specified in your application form matches up with any prescriptions that you may be taking at the time.
It is based off of these reports that your insurability is determined and because they are being performed in real time, as you are filling out the application form, it means that you are very quickly provided with a definitive answer. If you are approved medically, you are able to then pay right away and begin reaping the benefits of immediate insurance coverage. However, if you are not approved, then you will be forced to find medical coverage from another provider instead.
The term coverage of the no exam insurance policies available through Simply Insurance are two years, ten years, and twenty years. This provides a good range of term lengths to suit most customer’s needs. The two year coverage is particularly attractive to stay at home parents, young adults, college students, freelancers, entrepreneurs, and those individuals who end up taking no action because not only is it fast, but it is also very affordable.
Just as a traditional life insurance policy does, a no medical exam policy protects you should you ever fall seriously ill or even die. In these instances, a large single lump sum is paid out to either your or your dependents in order to pay for final expenses, cover childcare expenses, invest, use as income, pay regular living expenses, pay taxes, cover college expense, clear debt, clear car nots, and to pay off your mortgage, should you have one.Â
Monthly Costs
For this level of coverage, a typical healthy adult male should expect to pay in the region of anywhere between $10 – $17 per month for a $100,000 payout. For a $1,000,000 payout, the same male can expect to pay between $47 – $118 per month. These rates are slightly cheaper for women and are at the lower end of the price range the younger that you are, for obvious reasons.
Knowing how much payout you require is typically determined by what your annual income is and then multiplying that by at least ten, although some insurance companies allow you to multiply it by 30. This means that for any individual who makes around $50,000 per year, getting a policy that is for $500,000 is what they should get as an absolute minimum. However, it is important to remember when taking out insurance that you get a policy that you can afford. If a policy that is ten times greater than your income is too expensive for you then why not try five times your income instead. Although when doing this, you need to ensure that it still provides enough to cover the needs of your beneficiaries.
Insurance Companies
Some of the life insurance companies on Simply Insurance that currently provide policies without the need for a medical examination include Bestow, Ethos, Sagicor, and AAA. Bestow has been in the industry for more than 100 years and as a result they hold a prestigious A + (superior) rating with the ratings company A. M. Best. Despite them being a proven high quality company, their policies are still affordable for the masses, as well as being smart and convenient.
Ethos provide life insurance cover for any and all individuals ages between 18 years and 75 years of age. Although the company is relatively new to the insurance industry, it does not mean that they are any less trustworthy than the rest. In fact, they are backed by the company Assurity Life and hold an A (Excellent) rating with A. M. Best. Sagicor provides accelerated underwriting for all of their insurance policies, which means that you are given an answer on both your approval and costs really quickly. They provide cover to all types of individuals, including smokers and none smokers, and the young (18) and the old (65). Based out of Michigan, AAA offer policies with up to a 30 year term and cover for as much as $250,000. There is now waiting period when applying for insurance with the company and so you will be given an approval (if granted) and a cost right away.
On Simply Insurance you are able to apply for non medical exam life insurance cover with any one of these companies and should now be in a better position to know what to look out for from an insurance policy and what you can expect to pay for one. Insurance is absolutely important. You will never know when you will be needing it.
